Payroll Glossary - G
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GAAP: Generally Accepted Accounting Principles.
GAO: General Accounting Office.
Gap Analysis: Comparison of the functionalities of old and new payroll systems to determine if there are any gaps in the functionality of the new system that need to be addressed before going live.
Garnishee: In a payroll context, an employer that receives an order requiring withholding from an employee's wages to satisfy a debt. A garnishee can also be a debtor against whom a creditor has brought a process of garnishment.
Garnishment: A legal proceeding authorizing an involuntary transfer of an employee's wages to a creditor to satisfy a debt.
GASB: Governmental Accounting Standards Board.
GAW: Guaranteed Annual Wage.
General Ledger: A ledger containing all the transactions in the debit and credit accounts of a business.
Generally Accepted Accounting Principles (GAAP): A set of rules and procedures set forth by the Financial Accounting Standards Board that outline accepted accounting practices broadly and in detail.
Golden Parachute: Payments made to business executives in excess of their usual compensation (e.g.,stock options, bonuses) in the event the business is sold and the executives are terminated from employment.
Governmental Accounting Standards Board (GASB): Group that sets the standards for sound govern- mental financial management.
Graphical User Interface (GUI): Software that interacts between the user and the application in a user friendly manner to simplify user tasks and shorten the learning curve. GUIs use a mouse to maneuver around a window.
Green card: INS Form I-551, Permanent Resident Card, which entitles the bearer to permanent resident status in the United States and provides proof of work authorization and identity under the Immigration Reform and Control Act (formerly known as the Alien Registration Receipt Card).
Gross-up: An IRS-approved formula that employers can use to determine the taxable gross payment when the employer wishes to pay the employee's share of tax.
Group Legal Services Plan: An employer plan providing for the advance provision or prepayment of personal legal services for employees and their dependents.
Group-term Life Insurance (GTL): Term life insurance that is provided to employees, with the cost being borne by the employer, the employee, or both.
GTL: Group-term life insurance.
Guaranteed Annual Wage (GAW): A plan guaranteeing employees their annual income (regardless of the work available) or that they will be kept on the payroll (although possibly at a lower wage).
GUI: Graphical User Interface.